Ethereum To Match Bitcoin’s Strength and Surge? Indicators Turn Green
29 Luglio 2024 - 5:58AM
NEWSBTC
Ethereum price started a decent upward move from the $3,080 support
zone. ETH is recovering and might aim for a test of the $3,500
resistance zone. Ethereum is showing positive signs from the $3,150
pivot zone. The price is trading above $3,250 and the 100-hourly
Simple Moving Average. There was a break above a key bearish trend
line with resistance at $3,280 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could continue to move up if it stays
above the $3,280 support zone. Ethereum Price Eyes Steady Increase
To $3,500 Ethereum price formed a base above the $3,080 support
zone. A low is formed at $3,087 and the price started a decent
increase above the $3,220 resistance zone, but lagged strength like
Bitcoin. There was a break above a key bearish trend line with
resistance at $3,280 on the hourly chart of ETH/USD. The pair was
able to clear the 50% Fib retracement level of the downward move
from the $3,540 swing high to the $3,087 low. Ethereum is now
trading above $3,250 and the 100-hourly Simple Moving Average. If
there are more upsides, the price could face resistance near the
$3,375 level or the 61.8% Fib retracement level of the downward
move from the $3,540 swing high to the $3,087 low. The first major
resistance is near the $3,400 level. The next major hurdle is near
the $3,450 level. A close above the $3,450 level might send Ether
toward the $3,500 resistance. The next key resistance is near
$3,550. An upside break above the $3,550 resistance might send the
price higher toward the $3,720 resistance zone in the coming days.
Are Dips Limited In ETH? If Ethereum fails to clear the $3,400
resistance, it could start a downside correction. Initial support
on the downside is near $3,280. The first major support sits near
the $3,250 zone. A clear move below the $3,180 support might push
the price toward $3,120. Any more losses might send the price
toward the $3,080 support level in the near term. The next key
support sits at $3,050. Technical Indicators Hourly MACD – The MACD
for ETH/USD is gaining momentum in the bullish zone. Hourly RSI –
The RSI for ETH/USD is now above the 50 zone. Major Support Level –
$3,250 Major Resistance Level – $3,400
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